What kind of agreement has this real estate professional signed? The party responsible for paying the origination fee when obtaining conventional financing is: What is attached to an original contract before it is signed? In Minnesota, there are 120 questions on the exam (80 on the national portion and on the 40 state portion). The exit ramp will greatly increase the value of the seller's property. Real Estate National Exam Term 1 / 49 Valuation and Market Analysis Many market conditions impact housing prices. When did the second amendment of the Federal Fair Housing Act go into effect? A borrower takes out a mortgage loan that requires monthly payments of $875.70 for 20 years and a final payment of $24,095. Which part of the mortgage contract requires a borrower to repay the entire debt when the property is sold? Infer Why would any government choose to participate in "ash-can socialism". Under the contract, the real estate professional agrees to help the buyer find a suitable property and to represent the buyer in the negotiations with the seller. Mortgage notes made in the primary market are bought and sold. Yearly expenses for the property toatl $115,000. A homeowner sells her primary residential home and realizes a profit of $185,000. What part of a mortgage contract allows lenders the ability to call the whole loan amount if the borrower is in default? They own their own home. What is this right called? Suppose that a borrower has a gross monthly income of $3,000 and wants to qualify for a conforming loan (total debt service ratio of 36%) with a monthly PITI payment of $800. What is the difference between a bill of sale and a deed? The buyers have not responded to the counteroffer. An office space is 24 feet long and 27 feet wide with 9-ft ceilings. In Missouri, you can miss 30 questions on the national and 10 on the state and still pass the real estate exam. Using a 360-day year, how much will the seller owe for the taxes at closing (to the nearest dollar) and how will this be shown on the CD? They are having a hard time making ends meet, yet they do not want to sell their home. Tenancy at sufferance. The new owner wants John to move out. An agent has acted without authority to do so. $$. Tyson then relays this information to a buyer, citing Benjamin as his source. Which of the following would be most likely to hire a property manager? If an appraiser uses the cost approach to determine the value of a two story building 128 x 97 at $120/sq. A license holder advertises a listed property as having the most beautiful landscaping in the neighborhood. Click here the Complete 125 question Texas Real Estate Practice Exam plus Flash Cards, Testing Tips and Review. Which of the following is false about a property manager? At what cap rate did he purchase this property? Heres how much time youll be given for the final real estate exam: Part 1: National Real Estate Concepts. What kind of property is it? Seller Benjamin told his listing agent, Tyson, that his house does not have a termite problem. A bill of sale is for personal property; a deed is for real estate. the duty of confidentiality never expires and the agent must keep that information confidential forever, A metes and bounds description will always. Liens are prioritized by date of creation, with older liens being paid off first. Tenancy from year to year. Search for real estate and find the latest listings of Gunzenhausen Property for sale. After his next closing, he replaces the client's deposit in his trust account. What kind of agency does this describe? John has 60% interest in the property and Mary has a 40% interest. What type of contract should he enter into with the seller? The surveyor works from a point of beginning, and measures terminal points and angles. The CE Shop students have achieved an impressive 90% National pass rate. B sells his share to D. What type of ownership do A and D have? A contract can still be valid even if it lacks: All federally related loan programs require a property to have which of these? A physical or mental impairment that substantially limits one or more of the major life activities of an individual. We're pulling for you! Direct the buyer to obtain an up-to-date flood map from FEMA. the concentration of housing in a residential area. Which element of a valid contract states that the contract cannot require any illegal activities or outcomes? When does the buyer under contract for deed get title to the property? Alden Co.s monthly unit sales and total cost data for its operating activities of the past year follow. S1. The option expires at the end of the month and Mark would like to extend the option. \begin{array}{lrr} CRINITZ: Mehrfamilienhaus, 244 m2 Wohnflche, auf dem Land mit drei groen . He had shown the property three times to the same potential buyers. Police powers include all of the following EXCEPT? The power of the government to seize citizen's private property without the consent of the owner. (A take back is seller financing. They shake hands on the agreement and the buyer happily leaves the property. How much will he pay for the lot? | **Month** | **Units Sold** | **Total Cost** | | **Month** | **Unit Sold** | **Total Cost** | A property owner receives a notice that his land is in an improvement district. A real estate professional does not show non-Asian clients any properties in several traditionally Asian neighborhoods. The actual exam has 125 questions and 2 hours 30 minutes is given to complete it. With the exception of tax liens, how are liens generally prioritized? Practice challenging questions you won't find anywhere else. A seller wants to net $185,000 on the sale of his property. 13. The value of a property is only what a consumer would pay to acquire a comparable property. C6. A licensed broker is advertising that he will perform a free appraisal if you contact him for a listing appointment. A licensee is representing a seller in a commercial transaction. The court will appoint an administrator and it will be distributed to her heirs by the Law of Descent. What is the term for deliberate deception done with the intention of gaining something of value or causing damage to another person? What is true, They can accept the new offer, but only after withdrawing their counteroffer. What should the buyer's agent do? Assuming that she has been paying towards her principal in the amount of $1,600 monthly for five years, how much equity does she now have in the house? Last month, another died. The Real Estate Agent License Practice Test - study and pass your state real estate exam the first time. His heirs inherit the property. An agent advertises a senior citizen community with the phrase "no children allowed.". Take this free practice test to get an idea of what is on the Texas Real Estate Salesperson exam administered by the Texas Real Estate Commission (TREC). When both her parents have died, ownership of the office building will revert to the woman. Which of the following loans would not have a 3 day right of recession? 19. The agent needs to furnish the buyers with a pamphlet approved by the EPA concerning lead based paint prior to closing. Login. b. exclusive buyer representation agreement. Management wants to use these data to predict future fixed and variable costs. Get BOTH Formats Instantly: How much will she save on points if she chooses the 75% LTV? Purchase Louisiana real estate Exam Prep today and get ready to pass your test with more confidence and less stress. Which approach to value would MOST likely be useful to real estate brokers estimating the value of a single-family residence for sale in a subdivision? A new contract substituting the obligations of an original contract is a(n): Which of these is an easement that is attached to a piece of land, regardless of owner? This item: PSI National Real Estate License Exam Prep: A Study Guide with 465 Test Questions and Answers Explanations (6 Practice Tests, 3 for Brokers and 3 for Salespersons) by Newstone Real Estate Team Paperback . the National Flood Insurance Program (NFIP), with suppressed market value unrelated to their physical condition or features. What is true? About 2 hours and 40 minutes; Part 2: State Real Estate Laws. This action exposes the real estate professional to a charge of: An owner of land that borders a non-navigable stream: c. owns the land under the water to the exact center line of the waterway. What kind of tenancy does this tenant have? The couple does not use the exercise room and does not want to pay the monthly fee for the use of the facility. What type of business entity is owned by shareholders, but avoids "double taxation"? Who must be notified to take money out of the trust account in a real estate transaction? A seller must keep a copy of the lead paint disclosure he provided to the buyer for, It has been found that mold can develop due to, air tight windows and doors found in newer construction, protect a company's assets if someone is injured on company property, A condo owner's policy will most likely cover the owner if, A condo complex has liability complex has liability insurance. He must, obtain permission from his broker before using it, Every broker must display the Equal Housing Opportunity Poster in his office. Received cash from sales,$250.00. Take our a specific flood insurance policy. Which of the following is NOT an example of functional obsolescence? How much does the selling sales associate earn from the sale after deducting expenses of $1,300? PrepAgent offers real estate exam prep for all 50 states. What can they do to avoid this fee? What type of loan should they consider? Which of the following is NOT a characteristic of a fee simple estate? Which of the following is the best definition of market value? Pedro bought his house for $370,000. An apartment building owner has renovated and modified several units to be handicapped accessible. stipulation that must be satisfied before the contract can be performed. Which of these statements accurately describes how it can be depreciated? What happens to trade fixtures after a business moves out of a leased property? Which survey system is most commonly used in urban areas? Content Based on Your Candidate Information Bulletin directing people to or away from a particular area due to the protected class of the buyer or residents of the neighborhood in a manner that perpetuates segregated housing. Check out our real estate Exam Prep packages above and start studying today! an agent must treat both clients and customers with honesty and fairness. The poster is usually distributed by. \end{array} \text { Inventory } & 1,250 & 1,400 \\ Physical or mental impairment that substantially limits one or more of the past year follow to a! Epa concerning lead based paint prior to closing impressive 90 % National pass rate will! } { lrr } CRINITZ: Mehrfamilienhaus, 244 m2 Wohnflche, auf dem mit. Expires and the agent needs to furnish the buyers with a pamphlet approved by the EPA lead! And the agent needs to furnish the buyers with a pamphlet approved by the EPA concerning lead paint. Much does the selling sales associate earn from the sale of his property at 120/sq. 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